From The Business Journals
Sales dropped almost 10 percent in the most recent quarter at Xerox Corp., which was founded in Rochester and retains a strong presence there.
The company this morning reported a decline of 9.6 percent in revenue during the third quarter. Analysts attributed the drop to subpar sales of Xerox’s printers, combined with the impact of the strong U.S. dollar.
Xerox also announced that its board has authorized a review of the “structural options” for its business portfolio and its capital allocation options.
“Although we already have taken steps to accelerate cost reductions and prioritize investments to drive improved productivity and higher margins, our board determined that undertaking a comprehensive review of structural options for the company’s portfolio is the right decision at this time,” said the company’s CEO, Ursula Burns, in a statement issued with Xerox’s quarterly release.
Revenue was $4.3 billion in the most recent quarter, compared to $4.8 billion in the same three-month period a year ago.
Xerox recorded a loss of $34 million in the third quarter, as opposed to a $266 million profit in the identical quarter a year ago.
Xerox, which is now based in Connecticut, has a worldwide workforce of 140,000.